Economic growth of Germany has the tendency to slow down gradually in Q1, however, the upswing in the country would remain strong and wide-ranging due to robust demand in foreign and domestic, according to the finance ministry. The German economy expanded by 0.6 percent on the quarter in the past three months of 2017 and took advantage of the upswing led by consumers. Firm investments and exports were able to gain further due to growth drivers in the previous months. During the first quarter, German government tax revenues along with 16 regional states increased by 4.1 percent annually. The growth nearly coincided with the forecast of 4.2 percent for the entire year. The federal government is scheduled to revise its 2018 economic forecast in the following week. Moreover, the predicted gross domestic product in January showed an increase of 2.4 percent in the current year. Major economic institutes within Europe’s biggest economy stated on Thursday that the country is projected to jump by 2.2 percent for this year and 2.0 percent in the next.
